Pelosi Calls for Probe Into Financial Crisis

[bemildred]

Source: WSJ

WASHINGTON -- House Speaker Nancy Pelosi is calling for a congressional commission to investigate the causes of the U.S. financial crisis, a spokesman for the California Democrat said.

Speaking to the Commonwealth Club of California, Ms. Pelosi said Wednesday she had spoken to Treasury Secretary Timothy Geithner about creating a panel modeled after the Pecora Commission, which studied the 1929 stock market crash. The Pecora Commission eventually helped pave the way for Securities Act of 1933 and the Securities Exchange Act of 1934 and the creation of the Securities and Exchange Commission in 1935.

Ms. Pelosi's comments were reported Thursday in the San Francisco Chronicle.

Details have yet to be sorted out. Pelosi spokesman Brendan Daly said the speaker plans to talk to fellow lawmakers next week about the proposal, when Congress reconvenes after a two-week recess. Mr. Daly said the commission "would be a congressional panel," rather than an outside commission.

Read more: http://online.wsj.com/article/SB123991967177926907.html

[mike_c]

1. might this be signs of a spine...?

Nah.

[Angleae]

12. There's always a first time.

Sadly, this won't be it.

[biopowertoday]

13. so, Congress will investigate itself. what a HOOT.

[brentspeak]

2. Uh, Nancy, we already know what caused it

It's been well-documented for months now.

If you want to spend a lot of dough and time probing something -- investigate why 95% of Congress allows itself to be paid off by Wall St. and Corporate America.

[ChromeFoundry]

5. That about sums it up! n/t

[angstlessk]

3. yes, and since it is SOOOOO complicated it will have to be peopled by

ONLY those from Wall Street Investment Banks!!!!

[Double T]

4. But how will the House members investigate THEMSELVES?

Ohhhh....I get IT now! Whitewash and a few sacrificial scapegoats will do.

[No Elephants]

15. I heard it's all the fault of some bank teller in Buffalo.

[Double T]

29. Looks like we have our first scapegoat; the evil, corrupt bank teller from Buffalo.

Oh look, isn't that Nancy Pelosi driving the bus with her bus monitor Harry Reid? Prepare the scapegoat for sacrifice.

[ItNerd4life]

26. I'm glad to see someone else feeling this way.

The government regulations allowed this to happen. Who loosened the regulations?

[yurbud]

6. isn't it a couple of trillion too late? This is like Dems objections to Bush Iraq spending

bitch but then write the check anyway.

[depakid]

7. Since it appears that we're not going to get anything out of the DOJ or the regulatory agencies

Congress- flawed as it is, looks to be the only alternative.

[Golden Raisin]

8. The barn door is wide open

and the horses, cows and chickens have all departed. The Pelosi commission will probably be 50% sanctimonious congress people and 50% ex-Goldman Sachs executives --- a lethal mix. I'd rather see the tax money (ours) that will be expended on this commission given directly to those who have lost their jobs and need to put food on their tables (and not the table Nancy kept impeachment off of for so many years.)

[ForrestGump]

9. Maybe

she just noticed.

[No Elephants]

20. Nancy kept impeachment off the table for only two years, but that was all that was necessary.

[emilyg]

10. Pelosi can kiss my tush.

[OwnedByFerrets]

11. Jesus fucking christ, we already know what caused it

:puke:

[harmonicon]

14. here's one contributing factor: lack of legislative action from a worthless POS congress!!

I think my feelings toward Pelosi over the past 6 years have gone from "Ok - shows promise", to "ugh", to "serious dislike"; and now I just fucking hate her.

[No Elephants]

21. Not simply lack of action. Congress actively cooperated with the guys who took America to the

cleaners. And the Democratic Congress passed the TARP with inadequate conditions. For instance, the point was to get credit flowing, yet nothing in the TARP required anyone to use the money to extend credit. So, they used it for things like bonuses, junkets and $1000 wastebaskets. I cannot blame that all on Wall Street and the banks. Democrats in Congress caved to Bush, Paulson and Bernancke, just as they caved to Bush on the Iraq War Resolution. I'd rather investigate Congress than have Congress investigate this.

CONTACT YOUR CONGRESSIONAL REPRESENTATIVES.

[No Elephants]

16. This will be Congress exonerating itself. We need to protest this big time.

[Ghost Dog]

17. It will be yet another 'cover-up commission', yes. n/t

[Jeep789]

18. Sorry Nancy, that is off the table nt

[bird gerhl]

19. That's nice

[nashville_brook]

22. i'm as fed up w/Pelosi's bullshit as the next progressive -- but, this is a necessary step for

corrective action. they have to establish the facts in the official record in order to build the case for legislation. it's theater, but it's necessary, and much better than doing nothing.

but ugh, i get it. i'll never forgive her for the "off the table" disaster and will likely never be able to trust her.

[dgibby]

23. Forget about Congress.

What we need is a special prosecutor.

[Liberalynn]

24. What good does looking into it do, if all you do is show that crimes

were committed but then fail to prosectute the criminals. This is just like the torture memo situation.

DUH! We already know crimes were committed, so either arrest the suspected criminals, and put them on trial or just quit pretending that you are even making the slightest effort do to your job.

We aren't stupid enough to be fooled by all talk and no action.

I can sit here and speculate on who messed up the house all day, but that doesn't get it clean again.
Only picking up the vaccum cleaner and sucking up all the dirt does.

[classysassy]

25. Hello Nancy

I am saving the tax payers some money,its greed you dfip shit.

[FlyByNight]

27. $5 Billion

I remember hearing on Thom Hartmann's program (from Sen. Sanders), that perhaps $5 billion dollars have been given to Congress by Wall St. over the past 10 years or so. Five. BILLION. Dollars.

I sincerely doubt that Congress will establish any meaningful commission to investigate just what the fuck happened. Besides, we all pretty much know what happened anyway: Gramm-Leach-Bliley; Commodities "Modernization" Act (I forgot the proper name); CDSs and CDOs, purposeful lack of oversight; and sheer, vulgar greed (to name but a few factors).


:eyes:

[Vidar]

28. Easy answers: repeal of the usury laws, bank deregulation & WallStreet's

immense short term greed.

[dixiegrrrrl]

30. Days late and literally dollars short, Nancy.

Even the MSM has figured out and reported on the scams, schemes, and scalawags by now, Nancy. You don't need no stinking investigation, just read DU, for christsakes!!!
And you spoke to GEITHNER ????? about the idea????
Well, that makes sense...Willie Sutton is dead.
( sorry for the obscure Sutton reference...ya gotta be old to get it...try wiki)